Largo (ALLGO) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €14.5M, down 9% year-over-year; Q2 2025 revenue rose 6% versus Q2 2024.

• Gross margin improved to 21.1% from 20% in 2024; margin after reconditioning costs at 9.8% of revenue.

• EBITDA and operating income remained stable compared to H1 2024, despite lower activity and non-recurring items.

• Net loss for H1 2025 was €1.82M, compared to a €2.13M loss in H1 2024.

Financial highlights

• Operating expenses were well controlled, with reductions in variable and fixed costs.

• Cash position at June 30, 2025, was €3.9M, bolstered by a €3M financing round in June.

• Total assets stood at €16.96M, with equity of €1.04M and financial debt of €8.18M.

• Stock provision of €354K was recorded due to strategic product range rationalization.

Outlook and guidance

• Q3 2025 revenue reached €9.4M, down from €10.5M in Q3 2024, but supported by operator channel growth.

• Strategic focus on profitable products and cost structure optimization aims to lower the breakeven revenue threshold.

• Partnerships with Bouygues Telecom and DROM-TOM operators are expected to drive future growth.